By Claire Reilly

SYDNEY, NSW: The Australian property developer Watpac Limited has today announced the sale of 9,400 square metre property site in Brisbane to hardware chain Bunnings.

Bunnings purchased the site, located in Watpac’s Newstead Circle development in the Brisbane suburb of Newstead, for $20.6 million. The settlement occurred on 30 June 2011.

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According to Watpac Managing Director Greg Kempton, “Newstead Circle is a prime land parcel located just three kilometres from the Brisbane CBD and has exceptional access and exposure to Breakfast Creek Road, which forms the major arterial route between the Brisbane CBD, the northern suburbs and Brisbane Airport.”

Commenting on the sale of the large site, Kempton said it was significant transaction.

“Bunnings intends to develop a state of the art multi-level warehouse with a total store size of over 14,000 square metres, including a main warehouse, outdoor nursery and basement parking for more than 300 cars.

“This follows the successful opening of two other multi-level Bunnings Warehouse stores at Chatswood (NSW) and Hawthorn (VIC).”